Bulloch County Receives Favorable High Quality Bond Rating
Moody’s Investors Service has assigned an initial Aa2 rating to Bulloch County’s (GA) $12 million General Obligation Sales Tax Bonds, Series 2012. This high quality investment grade rating has been assigned owing to the county’s solid financial performance with stable reserves, conservative fiscal policies and below average debt burden during adverse economic cycle. Moody’s further believes that these factors will lead to Bulloch County’s financial position remaining strong in the future. Improvement in the county’s economy, diversification of the tax base, and increases in fund reserves could make this rating go up.
“This is the first time Bulloch County has ever had a rating assigned by a major credit rating agency and we are very proud of the results,” states Commission Chairman Garrett Nevil. “As a former banker, I can appreciate the importance of this, realizing that either maintaining or improving this rating can save county taxpayers significant money when the county must utilize debt.”
According to County Manager, Tom Couch, “due to the financial leadership demonstrated by the Board of Commissioners, this rating puts Bulloch County in a privileged position among county governments in Georgia. Continuing, Couch says, “it is a worthy goal to improve this rating over time to AAA which would put us in a class with Cobb, Gwinnett and Columbia counties, as well as the State of Georgia. Meanwhile, we differ from these communities by only a small degree, and by continuing current practices, a future AAA rating is achievable.”
The General Obligation Sales Tax Bonds which are due to be issued in mid-July are expected to have a very low interest rate obligation to the county. Bond proceeds will fund water and sewer infrastructure and road projects for the I-16/US 301 development area. Nevil and Couch express their deep gratitude to County Attorney Jeff Akins, Chief Financial Officer Harry Starling and Assistant to the County Manager Andy Welch, along with bond underwriters and counsel in securing this achievement for the county. Chairman Nevil also thanks the voters of Bulloch County who approved the use of bonds during the SPLOST 2013 renewal referendum in November 2011.